Seven companies have submitted LOI to acquire GS Retail’s supermarket chain and department store divisions, reported the Korea Economic Daily.
The report (Korean), which cited industry sources, stated that South Korean department store operators Lotte, Hyundai Department Store, and Shinsegae as well as supermarket store chain Home Plus have submitted LOIs for GS Retail’s supermarket and department store units.
Citing the source, the report also stated that private equity funds including Hong Kong-based Affinity, the South Korea-based MBK, and the New York-based Kohlberg Kravis Roberts have also submitted LOIs.
GS Retail plans to complete the sale by the second weekend of February, the report noted.
Earlier in the week it was announced that Lotte Group purchased convenience store chain Buy The Way for USD 270 million, see ‘Sold: Buy the Way to Lotte Group‘ for more information.
For previous posts the GS Retail sale see ‘GS Retail’s unit sale: Lotte confirms interest‘ and ‘GS Retail’s check-out line – 10 bidders or less‘.
(Source: Korea Economic Daily)
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